India has approved the rollover of an INR 30 billion currency swap facility for the Maldives, the High Commission of India in Malé announced on Friday.
The decision extends the facility originally drawn down on 23 April 2026 under the Framework on Currency Swap Arrangement for SAARC Countries for 2024–2027. The arrangement was agreed between the Reserve Bank of India and the Maldives Monetary Authority during President Dr Mohamed Muizzu’s state visit to India in October 2024.
In its press release, the High Commission said the rollover was approved to continue providing assistance to the Maldivian government and people. The facility carries favourable interest rates and other concessional terms.
Since the SAARC currency swap framework began in 2012, the Reserve Bank of India has extended more than USD 1.1 billion in cumulative support to the Maldives. India has also subscribed to long-term Maldivian Treasury bonds and previously held Treasury bills that the Maldives has since settled.
The High Commission linked the support to India’s Neighbourhood First policy and its commitment to strengthening bilateral ties. The original drawdown coincided with the Maldives settling a separate USD 400 million swap facility earlier this year.
The extension comes as the Maldives manages external financing needs and foreign exchange pressures. No specific new end date for the rolled-over facility was detailed in the initial announcement.
